Risk off Sentiment Pays, Gold Hit Take Proft – What’s Next?

Today, the violation of $1,231 resistance on the upper side can lead gold prices towards $1,237. Whereas below $1,231, the market can stay..


GOLD prices are skyrocketing this morning as Asian stock markets plunged dramatically amid escalating geopolitical tensions over the murder of journalist Jamal Khashoggi and anxieties over Italy’s budget. So, that’s something which has triggered the safe haven appeal and we managed to catch green pips today. Are you up for another trade?

Technically, gold is facing a strong horizontal trendline resistance at $1,231 along with a support near $1,229. While the 20 and 50 – periods EMA is also suggesting a bullish bias of investors.

Today, the violation of $1,231 resistance on the upper side can lead gold prices towards $1,237. Whereas below $1,231, the market can stay bearish until $1,229 and $1,227.

Gold – XAU/USD – Trade Idea
The idea is to stay bullish above $1,226 with a stop near $1,223 and an open take profit to capture 50/60 pips. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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